When we say information security risk management. It usually uses as a phrase for the business day. Thus without having a consistent interpretation of what it means and how to do it, that can give a risk in itself.
So let us discuss “What is information security risk management?”.
What Is Information Security Risk Management?
So information security risk management means different things to different people. But before that, let’s go back to basics on risk management.
The international standards organization has a standard for risk management. Also, that can define risk about the effect of the objectives.
Furthermore, ISRM is a process of managing risk. It associates with the use of information technology. Therefore, it involves the following:
- Identifying
- Evaluating
- Treating
These are the risk around the organizations for valuable information or assets.
So the goal of this process is to treat risks according to the organization’s risk tolerance.
Moreover, this business should not expect to end all risks. Rather they should seek to identify. Also, achieve an acceptable risk level for the organization.
Stages Of Information Security Risk Management
Identify assets – Data, systems, and also assets would be considered as your crown jewels.
Let’s say, which of the assets would have the most significant impact on your organization. The confidentiality, integrity, or availability compromise?
Therefore, it’s not hard to tell about the confidentiality of data like social security numbers. Also, intellectual property is important. But how about integrity?
For example, if a business falls under Sarbanes-Oxley regulatory requirements. A minor integrity problem in financial report data could result in enormous costs.
However, if an organization is an online music streaming service. Its availability of music files may compromise. Then they could be a loss of subscribers.
Identify the vulnerabilities. Therefore, you need to know what system-level or software vulnerabilities.
- Confidentiality
- Integrity
- Availability
Weaknesses In The Organization Security System
What weaknesses are deficiencies in the organization? That could result in information being a compromise.
Identify threats- What are some of the potential causes of assets becoming compromise? Is your organization a data center located in a region where the environmental threats? Such as,
- Tornadoes
- Floods
Therefore threat modeling is an important activity. It will tell and adds context by tying risks to known threats. Also, the different ways those treats can cause risk.
Identify controls – Have you already in place to protect identity assets? Therefore controlling directly address an identified vulnerability or threat by either the following,
- Completely fixing it
- Lessening the likelihood
- Impact of a risk being realizes
For example, a terminated user is continuing to access the system.
Then you can identify it as a risk.
However, you can take action. Such as controlling the access. Also, dismisses as soon as possible its access control.
Besides, controls are the safety net. It controls and addresses the risk.
Furthermore, a time to time access review is a good approach.
This is to avoid compromising system safety.
Lastly, in the time of review, you may cross-examine the application.
You may use the company’s user directory in the process.
